Project (Part A) Learning Objectives 4, 5, 6: Analyze the impact of business transactions on accounts, record Gournalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions: June Gordon received $55,000 cash and issued common stock to the stockholders. 1 3 Purchased supplies, $3,000, and equipment, $5,200, on account. Performed services for a client and received cash, 56,300. Paid cash to acquire land, $37,000. Performed services for a customer and billed the customer, $1,200. Gordon expects to collect within one month. 16 Paid on account for the equipment purchased June 3. $2,800. 17 Paid the telephone bill, S230. 18 Received partial payment from customer on account, $700. 22 Paid the water and electricity bills, S400. 29 Received $5,000 cash for repairing the pipes of a customer. 30 Paid employee salary, $4,300. 30 Declared and paid cash dividends of $3,000. Requirements (Use the Templates provided.) 1. Record each transaction in the General Journal. Key cach transaction by date. Explanations are required. 2. Post the transactions to the T-accounts in the General Ledger, using transaction dates as posting references. 3. Prepare the Trial Balance of Gordon Construction, Inc., at June 30, 2014. 4. The manager asks you how much in total resources the business has to work with, how much it owes, and did it make any profit in June? Answer all three questions. Project - Part A Trial Balance & 3 Questions Gordon Contruction, Inc. Trial Balance June 30, 2014 Credit Debit 55.000 0 0 Account titles Cash Accounts receivable Supplies Equipment Land Accounts payable Common Stock Dividends Service revenue Salary expense 0 0 0 55.000 0 0 1 0 0 Utilities expense Total 55,000 55,000 Please answer the 3 questions for Requirement 4 below. How much are the total resources? How much does the business owe? 03 How much profit was made in June? 130